The United Kingdom recently established a new, specialist, financial disputes list under Part 63A of its Civil Procedure Rules. The financial list is a single, specialist court list, which will hear complex financial litigation. The object of the financial list is to provide a faster, more efficient and economical forum for resolving financial disputes.
In order to bring a claim in the financial list, a litigant must show that the claim:
- Relates to one of the listed financial products (such as a loan, derivative, debt security, bond or sovereign debt) and has a value in excess of £50 million
- Is a claim which requires a particular expertise in financial markets, or
- Raises issues of general importance to financial markets.
Subject to the Civil Procedure Rules on establishing jurisdiction, the financial list would be available to international litigants who satisfy the above criteria.
See article here.